Finally corrective Wave-A continuation expectations

Technical Analysis,Research & Weekly Outlook

(Jul 29 to Aug 02,2019)

Nifty-EOD Chart Analysis(Corrective Waves)

Nifty-EOD Chart (26-Jul-2019):-

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Technical Patterns and Formations in EOD charts

1- Impulsive Wave-5 completion after life time top formation at 12103.00 on 03-06-2019 and corrective Wave-A of "ABC" correction beginning
2- Corrective Wave-A continuation with recent bottom formation at 11210.00 on 26-07-2019
3- Support between 11109-11172(Immediate Supports)
4- Long Term Trend decider 200-Day SMA(today at 11135)
5- Short Term Indicator "Stochastic" is Oversold

Nifty-Intra Day Chart Analysis(26-07-2019)

Nifty-Intra Day Chart (26-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- Consolidation between 11211-11235(Immediate Supports)
2- Up moves in Bearish Rising Channel
3- Mixed Patterns formation between 11257-11308
4- Whole day actual trading between 11211-11308

Conclusions (After Putting All Studies Together)

As corrective Wave-A of "ABC" correction beginning confirmation after Impulsive Wave-5 completion therefore Nifty will correct whole rally which started from 6825.80 on 29-02-2016 and completed at 12103.00 on 03-06-2019. Fibonacci Retracement levels of Wave-1 to Wave-5(6825-12103) with Waves structure has already been updated in previous weekly Outlook(Jul 21 to Jul 26,2019).

Nifty has not slipped below Long Term Trend decider 200-Day SMA(today at 11135) and it is still up as well as Short Term Indicator "Stochastic" has turned Oversold therefore emergence of Pull Back Rally beginning possibility because lower levels some consolidation was seen yesterday and previous sessions also.

Firstly sideways sideways trading between 11103-11400 and finally corrective Wave-A continuation is expected below 11103.

11230 will confirm fresh down moves

Intra Day Chart Analysis & Market Outlook

(26-07-2019)

Nifty-Intra Day Chart (25-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- 90 Points Up moves in first 30 minutes but in Bearish Rising Channel 
2- Fall after fresh selling at higher levels
3- Selling between 11270-11325
4- Whole day actual trading between 11240-11361

Conclusions from intra day chart analysis 

As 6 Hours trading of yesterday was showing condolidation patterns formation therefore 90 Points sharp Up moves in first 30 minutes but Bearish Rising Channel formation was also seen at higher levels. As no follow up consolidation and fresh selling also developed at higher levels therefore not sustaining at higher levels and slipping in the next 40 minutes.

Although follow up selling in next 5 hours between 11270-11325 but consolidation was seen also above 11230 yesterday therefore sustaining below it after follow up selling should be firstly watched for fresh down moves confirmations.

11230-11300 will generate more than 1% one sided moves

Intra Day Chart Analysis & Market Outlook

(25-07-2019)

Nifty-Intra Day Chart (24-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- 79 Points fall in 6 minutes
2- 6 Hours trading with Mixed Patterns formation between 11230-11300 
3- Whole day actual trading between 11230-11359

Conclusions from intra day chart analysis 

Immediately after opening 79 Points sharp fall in 6 minutes and after that last 6 Hours trading with Mixed Patterns formation between 11230-11300 therefore valid break out of this range will confirm a Pull Back rally and its valid break down will confirm Wave-A of "ABC" correction continuation towards Long Term Trend decider 200-Day SMA(today at 11130) which is still up and last hope for Bulls.

Although last 6 hours intraday patterns formation are showing condolidation but this trading was in more than 0.50% negative zone and complete consolidation can not be developed at such intraday lower levels therefore follow up consolidation is must and after this once valid break out of 11300 will mean a strong Pull Back rally which may be sharp also because Short Term Indicators have also turned oversold now.

As 6 Hours like sufficiently big trading between 11230-11300 therefore its valid break out will generate more than 1% one sided moves acoording to above mentioned manner.

Firstly watch levels for next decisive moves

Intra Day Chart Analysis & Market Outlook

(24-07-2019)

Nifty-Intra Day Chart (23-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- Mixed Patterns formation between 11340-11368
2- Minor consolidation at lower levels between 11317-11333
3- Slow up moves in Mid-session
4- Sharp fall in last hour
5- Whole day actual trading between 11303-11398

Conclusions from intra day chart analysis 

As whole day good consolidation patterns formations yesterday therefore Pull Back rally possibility was told and it was seen also today but follow up fresh buying could not develop and selling was done through slow up moves in Mid-session therefore sharp fall in last hour and negative closing today.

As last 2 sessions trading between 11302-11398 with both consolidation and selling therefore finally sustaining beyond this range will form next decisive moves which should be firstly watched in the coming sessions.

Signals of Pull Back Rally

Intra Day Chart Analysis & Market Outlook

(23-07-2019)

Nifty-Intra Day Chart (22-Jul-2019):-

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Technical Patterns formation in today intraday charts

1- Firstly more than 1% down in 20 minutes after weaker opening
2- Up moves with intraday corrections
3- Down moves in Bullish Falling Channel
4- Intraday corrections in last hour
5- Whole day actual trading between 11302-11398

Conclusions from intra day chart analysis 

Although firstly sharp down and slipping more than 1% after weaker opening but whole day good consolidation patterns formations also therefore signals of Pull Back rally because Very Short Term indicators have turned oversold.

As most time trading was in more than 0.50% negative zone therefore Pull Back rally beginning confirmation is also required through valid break out of 11380 and its next targets will be following resistances:-

1- 11422-11447
2- 11470-11494
3- 11511-11544